Nigeria in 1min: Economic, Business & Financial Headlines – 131114



November 13, 2014 7:00 AM / Proshare News

FEC approves N100.2b for roads, others - The Federal Executive Council () yesterday approved N100.2 billion for road projects in the Federal Capital Territory (FCT), the East-West road and Molete water project. Source THE NATION  Read More

FG Connects 111 Communities to Telephony Services - The Minister of Communication Technology, Dr. Omobola Johnson has inaugurated one of the several Base Transceiver Stations (BTS) deployed across the south-west region by Odu’atel through subsidies provided by the Universal Service Provision Fund (USPF) at Igbo Olodumare in Ondo state. Source Thisday  Read More

Nigeria’s total debts rise to N10.8tr - Nigeria’s appetite for borrowing continues unabated  as the country’s total debt now stands at 10.841 trillion as at the end of September this year.Of this figure, domestic debt stock (Federal Government only) accounts for N7.651 trillion, while the external debt stock (Federal Government and states) stands at N1.428 trillion Source Daily Independent Read More

NBC issues licence to new satellite broadcast operator - In a bid to offer options to consumers of satellite broadcast services in the country, the National Broadcasting Commission on Wednesday issued an operating licence to a new operator, Chapters Digital Nigeria Limited. Source Punch Read More

Tokunbo dealers to sell Nigeria-made cars - Used car dealers may soon begin to sell made-in-Nigeria vehicles as part of measures to incorporate them into the new automotive policy of the Federal Government. Source Punch Read More

Nigerian airlines earn N73bn from ticket sales- Nigerian owned airlines realised N73bn from ticket sales in 2013, while international counterparts operating in the country made over N231bn in the same period. Source Punch Read More

FRC remits N252m to Federation Account - The Financial Reporting Council of Nigeria remitted a total sum of N252.82m to the federation account in 2013, documents obtained by our correspondent have shown. This represents 25 per cent of its gross earnings for the year. Source Punch Read More

Customs generates N978m at Seme command in October - FOR the month of October 2014, the Seme Command of the Nigeria Customs Service generated N978 million. According to the command, the figure is the highest monthly revenue so far collected this year. Source Guardian Read More

Economy loses N45bn to clearing agents strike - The economy may have lost a whopping N45 billion to the nine-day strike by Customs licensed agents operating at the nation’s busiest sea port, Apapa.The figure is based on the daily estimate of N5 billion in revenues from the port, following the temporary closure of activities until Tuesday, when the strike was called off. Source BUSINESSDAY Read More

An empty seat for Nigeria on the top table - The theme of our first investor conference in 2011 was the route for Nigeria’s promotion to the top table of emerging markets in a journey styled as from BRICS to BRINCS.Nigeria is progressing along the route although in the intervening three years the grouping of BRICS has lost much of its gloss, and only two members (China and India) of the five are achieving healthy growth rates. Source Proshare Read More

NCC Set to Auction 2.6GHz Spectrum - The Nigerian Communications Commission (NCC) has said it is ready to auction the nation's 2.6GHz spectrum that is scheduled to hold next month in Abuja. Source Thisday Read More

MDAs spend N2.27trn outside budget, says Auditor-General - Duplication of projects and bloated overhead expenses by the public sector have bled the country and frittered away N2.27 trillion meant for the treasury in eight years. Source BUSINESSDAY Read More

Telecoms Operators Accuse State Govts of Stifling Broadband Deployment - Telecoms operators have said the refusal of state governments to give right of way (RoW) is delaying  broadband rollout in the country. Source Thisday Read More

NERC accuses electricity firms of inflating bills - Electricity distribution companies in the country are enriching themselves corruptly through the issuance of estimated bills to consumers, according to the Nigerian Electricity Regulatory Commission. Source Punch Read More

CBN unveils N100 centenary commemorative bank note - THE Central Bank of Nigeria (CBN) yesterday unveiled the first digital N100 paper note to commemorate Nigeria’s Centenary. Its governor, Mr. Godwin Emefiele, unveiled the new note during the weekly Federal Executive Council (FEC) meeting, which in his presentation showed enhanced security features. Source Guardian Read More

Emefiele Vows to Defend Naira on Falling Oil Prices - The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele has said he will continue to defend the naira after the currency plunged to a record low last week. Source Thisday Read More

PZ: Downtrend is over, time to initiate buying positions… - The stock is falling down and making successively lower highs and lower lows. Well it’s a trend affecting most stocks on the Nigerian Stock Market has fallen too much in the last couple of weeks. Source Proshare Read More

WEMA Bank: Potential rounding bottom price pattern can be seen….. - The daily technical chart reveals a very balanced demand and supply. Earlier on, stock was falling down and took support near the N0.90 level.After arriving at N0.90 level, stock was struggling to move on either side which led to many choppy sessions where the bulls and bears were fighting all in vain. Source Proshare Read More


Stocks extend 2days gaining streak on renewed optimism - The equities market closed today on a positive note, as NSE ASI appreciated by +0.88% to close at 33,967.48 basis points, compared with the +1.34% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -17.81%. Source Proshare Read More

Medview plans listing on Nigerian Stock Exchange - Med-view Airline, yesterday, said that it has commenced the process of listing on the Nigerian Stock Exchange.The Managing Director/CEO of Med-view Airline, Alhaji Munir Bankole, who disclosed this in Lagos during an interactive session with newsmen on the company’s second anniversary, said he has commenced discussions with the management of the stock exchange with a view to getting the company listed soon. Source Daily Trust Read More


Naira suffers biggest official depreciation in three years - The Central Bank of Nigeria (CBN) yesterday allowed the Naira to suffer its biggest official depreciation since November 2011, as the currency depreciated by 54 kobo at the official foreign exchange market. Source Vanguard Read More

Standard Chartered to close 100 branches in Africa, others - Standard Chartered bank is closing 80 to 100 branches to improve profitability in 2015 . Standard Chartered will close up to 100 bank branches next year in Asia, Africa and the Middle East in an attempt to improve its profitability. Source Punch Read More

Banks in Ekiti Shut Down over Alleged Security Threat - The increasing rate of armed robbery attacks in Ekiti State has forced commercial banks operating in Ado Ekiti, the state capital, to close shops throughout on Wednesday. Source Thisday Read More

OANDO champions market recovery, gains +28.28% in 3days - OANDO sustained an active bargain trend to extend the 2-day gaining streak with a continued gap-up pattern- an indication of growing enthusiastic trading pattern from both investors and shareholders. Source Proshare Read More

Lafarge Africa Plc 9M 2014 - Volume growth in Nigeria buoys group revenue - Lafarge Africa Plc (Lafarge) released its first consolidated financial results for 9 months ended 30th September 2013, wherein revenues rose 3.4% YoY to N159 billion. Source Proshare Read More

Initial View: Dangote Sugar Refinery Plc Q3 2014 - Revenues bucked the four quarter declining trend rising 6.7% YoY to N24.2billion (Q3 14E:  N25.4 billion) driven by higher refined prices (+4% YoY, +9% QoQ) and volumes (+3% YoY to 250kt). Source Proshare Read More

FBN Holdings Plc - Weaker yield on assets warrants a TP cut - FBN Holdings Plc (FBNH) recently published its 9M-14 results that showed EPS decline of 5.8% yoy, +5.1% from FY-13, behind our FY-14E expectation of 32.5% yoy growth. We revise our 12-month target price down to N13.36 from N18.64 but maintain our BUY recommendation on the stock. Source Proshare Read More

UAC Nigeria Plc- Cost control remains a challenge - In the nine months period to September 2014 results, UACN recorded revenue of N60.55billion, up by 0.9% against N60.03billion in 2013. On a quarterly basis, the company’s revenue of N20.29billion in 3Q2014 was down by 0.4% and 10.6% compared with N20.37billion and N22.69billion respectively in 2Q2014 and the third quarter of 2013. Source Proshare Read More

$9b Dangote refinery increases property prices in Lekki - The property market in the  Lekki area of Lagos, Nigeria’s commercial nerve centre, is  experiencing an unprecedented boom, with rising demand pushing up property prices, The Nation has learnt. Source THE NATION  Read More

Lafarge WAPCO to absorb UNICEM - Lafarge WAPCO Cement  has said it will take  control of United Cement Company of Nigeria. (UNICEM) to boost its market share. Source THE NATION  Read More

Total Constructs 95km Pipeline To Boost Gas Commercialisation - Nigeria’s gas commercialisation is set to receive a boost following the ongoing construction of two major gas pipelines by Total Exploration and Production (E&P) Nigeria. Source Leadership  Read More

NIG-GERMAN declares N131.13million PAT in Q4 '14 Result,(SP:N7.00k) - Source Proshare Read More

NNFM declares N180.91million PAT in Q2 '14 Result,(SP:N18.10k) - Source Proshare Read More

STDINSURE releases Q1,Q2 and Q3'14 results with N336.09million PAT in Q3,(SP:N0.50k) – Source Proshare Read More


Airtel Named Best Company in Education CSR - In recognition of its laudable Community Social Responsibility (CSR) initiatives aimed at improving the standard and quality of education in Nigeria, leading telecoms operator, Airtel Nigeria, has been adjudged the Best Company in Education CSR by Social Enterprise Report Awards (SERAs) at its 2014 awards ceremony in Lagos. Source Thisday Read More


Jonathan Asks Senate to Confirm Mohammed as New CJN - President Goodluck Jonathan on Wednesday asked the Senate to confirm the appointment of Justice Mahmud Mohammed as the new Chief Justice of Nigeria (CJN). Source Thisday Read More


Non-payment Of Salary: Leaders Of Protesting NASS Workers Arrested - National Assembly workers under the aegis of Parliamentary Staff Association of Nigeria (PASAN) staged a peaceful protest over unpaid salaries and accumulated allowances due to them at the lobby of NASS yesterday. Source Leadership Read More

NAFDAC Workers Strike: DG Threatens To Stop Training Programmes - Workers of the National Agency for Food Drug Administration and Control (NAFDAC) under the Medical and Health Workers Union of Nigeria (MHWUN) yesterday embarked on a nationwide strike. Source Leadership Read More

Oil sector operators owe FG $5b royalties - The Director of Petroleum Resources (DPR), Mr. George Osahan has revealed that operators in both the upstream and downstream sectors of the oil and gas industry owe the  Federal Government  $5billion royalties as at the end of the third quarter of 2014. Source Daily Independent Read More

Oil Slide Echoes 2008 Pressure for Nigeria, Saudi to Defend Currency - The sharpest drop in oil prices since 2008, coupled with a surge in the dollar, are testing the  capacity of energy-producing nations to defend their currency pegs. Source Thisday Read More

Global Gold Demand Declines to Five-Year Low, WGC Says - Gold demand fell to the lowest in almost five years in the third quarter as bar and coin buying slid and jewelry purchases slowed, the World Gold Council said. Source Bloomberg Read More

Yen Weakens Amid Poll Speculation; Aussie Drops With Oil - The yen slid and Japanese shares gained amid speculation Prime Minister Shinzo Abe will call a snap election. Australia’s dollar fell and Brent crude oil extended its decline below $80 a barrel. Source Bloomberg Read More

European shares end lower as utilities, banks slide - European shares fell on Wednesday after two days of gains, with utilities stocks slipping after disappointing earnings and financials hit by global regulators' move to fine five banks for failings in currency trading. Source Reuters Read More

Six banks fined more than $4 billion in currency probe - Six banks have agreed to pay $4.33 billion in fines to global regulators to resolve allegations that they attempted to manipulate foreign exchange rates. Source CNN Money Read More

Bank of England's inflation target is now meaningless - UK employment is booming, promising a return to real wage growth and the end of the longest squeeze in living standards since the 1870s, but inflation is still falling and the eurozone remains an economic calamity Source The Telegraph Read More



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